In the third week of September, Asian MEG prices gave back US$14 a ton both CFR China and Southeast Asia. In China, offers for nearby-month cargoes were at US$705-710 a ton, with counter offers at US$700 a ton, and deals were talks concluded at US$705 a ton.
Mono ethylene glycol prices in Asian markets declined on the week, hit by weak market sentiment amid bearish futures market in China and rising local supplies. Overall demand was weaker although downstream polyester demand was still strong.
In US, MEG spot tracked Asia declines and despite start of planned turnarounds which made supply tighter. However, demand was slow to steady. Spot prices were down US cent 1 per pound FOB USG on the week.
In Europe, MEG spot price was flat in quiet market amid solid supply. Feedstock ethylene prices also fell, easing cost support.
Courtesy: Weekly PriceWatch Report
